CAI-NJ May 2019 (w)

PRESIDENT’S CORNER

CAI-NJ STAFF

Mohammed Salyani, CPA CAI-NJ 2019 PRESIDENT WilkinGuttenplan

LARRY P. THOMAS, PCAM CHAPTER EXECUTIVE DIRECTOR LARRY@CAINJ.ORG ANGELA KAVANAUGH DIRECTOR, CONFERENCE & PROGRAMS ANGELA@CAINJ.ORG LAURA O’CONNOR DIRECTOR, MEMBERSHIP & MARKETING LAURA@CAINJ.ORG JACLYN OSKIERKO DIRECTOR, EVENTS & EDITORIAL JACLYN@CAINJ.ORG BROOKE STOPPIELLO-NEVINS MANAGER, GRAPHIC DESIGN & MEMBER SERVICES BROOKE@CAINJ.ORG JENNIFER FARRELL ADMINISTRATIVE COORDINATOR JENNIFER@CAINJ.ORG

May There Be Relief for Associations

U sually May is supposed to bring flowers but in this case, we are hoping that it brings relief to associations that have long been suffering under the burden of “zombie” foreclosures and the like. In case you are wondering what I am talking about, in April both legislative houses passed two bills that would really bring a lot of relief to them. I am sure the legislative update will give all the details so all I am going to say this is huge. And if LAC is not going to toot their own horn, I will toot it for them. If it were not for the tireless work of this committee with our lobbying firm, MBI, this would not have been accomplished.

“At the time of writing this the bills were at the Governor’s desk...”

At the time of writing this the bills were at the Governor’s desk so I am really hoping that by the time you read this, he will have already signed them. As I said earlier this will really bring relief to the associations suffering under this burden. Having audited

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many an association that is carrying huge allowances for bad debts because the foreclosures are not moving forward, and the priority lien is only for six months that too for condominiums only, I can assure you this will definitely help. Once again, a big round of applause for the LAC. As usual we have some great articles this month. To start the case study by Loren Lightman, Esq., my fellow board member, brings to light that one can never really understand the complexities of being a board member until elected to that seat. It is too easy to sit on the sidelines and criticize. Robert Roop’s article about playing nice in the sand box has a similar under- lying concept but for totally different reasons and a different outcome. Definitely an interesting read and a situation that is faced by many an association, maybe not to the same degree. If every board member read and followed Samuel Schneider’s article on some useful tips to understand the interim financial statements, it would make life easier for every manager and auditor, like myself. By the way Sam, like several others in the industry, is a past employee of WilkinGuttenplan. They make us so proud. Lastly, be sure to check out the calendar of events, there’s a lot taking place this month. Be sure to attend some of them. Enjoy those flowers everyone! n

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